What Are Inventory Carrying Costs & How Are They Calculated?
Understand the full financial impact of holding unsold inventory. These often overlooked expenses directly influence profitability, cash flow, and business strategy.
Investment and Financial Markets
Charitable Gift Annuity vs. Charitable Remainder Trust
Choosing between planned giving options requires evaluating your personal financial landscape and philanthropic goals. Learn which structure aligns with your needs.
How to Handle Nanny Taxes in Virginia
Hiring a household employee in Virginia establishes you as an employer. This guide clarifies the process for managing federal and state tax obligations.
What Is Form 8955-SSA and Who Needs to File It?
A guide for plan administrators on the annual reporting process for separated participants with deferred vested benefits via IRS Form 8955-SSA.
What Is a 1099ls for a Real Estate Transaction?
Understand the role of Form 1099-S in a property sale and how the reported figures are used to determine your final capital gain or loss for tax purposes.
Where to Send Your Connecticut Tax Return
Filing your Connecticut tax return? This guide clarifies the official submission process, ensuring your forms are sent to the correct destination.
How to Avoid the 401k Early Withdrawal Penalty
Understand the tax implications of an early 401(k) withdrawal. This guide covers the financial strategies and procedures for accessing funds without the 10% penalty.
Do You Pay Taxes in the Dominican Republic?
Explore the principles of the Dominican Republic’s tax system. Understand how your personal and business presence in the country shapes your financial liability.
Revenue Ruling 71-26 and Railroad Employee Taxes
Understand how IRS Revenue Ruling 71-26 classifies payments for relinquished reemployment rights as ordinary income, exempt from railroad retirement (RRTA) taxes.
A List of Tax-Deductible Office Expenses
Understand the criteria for deducting office costs for both commercial and home-based businesses, and learn the best practices for accurate record-keeping.
What Is a 1098 Tax Form Used For?
Understand how the Form 1098 information return substantiates payments you’ve made, providing the official figures needed to claim related tax deductions or credits.
Is a Workers Comp Settlement Considered Income?
A workers’ comp settlement is composed of various parts, some of which may be taxable. Learn how the details of your award impact your financial obligations.
Can You Write Off Lawn Care on Your Taxes?
Understand the distinction between personal and business expenses to see if your lawn care costs can qualify as a legitimate tax deduction.
Calculating Depreciation With Rev Proc 87 57
A procedural guide to calculating MACRS depreciation. Learn how to determine the necessary inputs and apply the official tables in Rev Proc 87-57.
How to File 2022 Form 8995 for the QBI Deduction
Learn about the simplified computation for the 2022 QBI deduction. This guide details using Form 8995 for eligible taxpayers to properly claim this tax benefit.
How to Structure a Business Profit Split
Establish a durable and equitable profit-sharing plan for your business. Learn to align partner contributions with a legally sound distribution model.
What Is a 2801c Letter for Gifts from Expatriates?
This statement clarifies tax obligations for U.S. persons who receive gifts or bequests from individuals who have relinquished their U.S. citizenship.
529 vs. Prepaid Tuition Plan: What’s the Difference?
Understand how college savings plans differ in financial structure, from market-based growth to locking in tuition rates, to make an informed choice.
What Is a Deficiency Assessment and What Should I Do?
A notice proposing an increase to your tax liability is not a final bill. Understand the document, your procedural pathways, and critical deadlines.
What Are the FAST Act’s Tax Provisions?
Learn how the FAST Act’s funding mechanisms introduced significant tax code changes affecting compliance for both individuals and business entities.